Ah, ya gotta love our Senate. The best that the REIC could buy. Harry Reid? Corrupt. Chris Dodd? Corrupt. Mitch McConnell? Corrupt. Chuck Schumer? Corrupt.
And the National Association of Homebuilders? Happy as a clam now that their poodles have rewarded them for stupid behavior with a massive tax break.
Vote 'em out folks. All of 'em. Our leaders have been corrupted by the REIC. The House and Senate have been sold to the highest bidder. If they don't want to reform, if they don't want to cut off the REIC money, then the voters need to do it for them.
It's time to throw the bums out. And maybe arrest a few of 'em too. This should ENRAGE YOU.
Builders Get Breaks From Congress - Builders, Mortgage Companies Get Additions, Subtractions They Asked for in Senate Housing Deal
Homebuilders and the mortgage industry are emerging as big victors in a bipartisan agreement reached by Senate leaders on legislation designed to limit the housing crisis.
The $15 billion measure, announced Wednesday by Majority Leader Harry Reid, D-Nev., and GOP leader Mitch McConnell of Kentucky, contains a $6 billion emergency tax break that would let companies use losses from 2008 and 2009 to offset profits earned over the previous four years, instead of the usual two-year timeframe.
That's good news for big homebuilders such as KB Home and Pulte Homes Inc., which have been saddled with massive losses over the past year.
Homeowners facing bankruptcy, however, won't find relief in the proposal.
The mortgage industry fought fiercely to spike a provision to let bankruptcy judges rewrite the terms of distressed mortgages. It won that battle; the provision was left out.
Earlier this year, the builders' trade group was so dissatisfied by lawmakers' actions -- notably not including the tax provision in the economic stimulus bill-- that it snapped shut its political purse. NAHB said it would stop making contributions to congressional candidates "until further notice."
Since 1990, the trade group has given nearly $20 million to federal candidates, with 35 percent going to Democrats and 65 percent to Republicans, according to the Center for Responsive Politics.
It's not clear if the new plan will kick back open the coffers.
Other big beneficiaries would be Wall Street banks such as Citigroup Inc., Merrill Lynch & Co. and Morgan Stanley. In fact, any company now struggling after years of healthy profits that pumped up their tax bills could benefit.